The walter 300 is nothing like the new ones.
I personaly wouldnt touch it.
The walter is not ment to cylindrical grind. if i remember correctly the axis that holds the tool on those old style machines does not rotate 360-infinite. i think its limited to helix rotations only, But it may be possible to trick the machine into doing it.
those machines, if they are even still running, will mostly just do the OD of an endmill. The only ones i've seen still running are set up to do 1 or 2 operations and thats it. I know a HSS manufacturer who uses it to touch the OD of big endmills, and touch the flute face of rougher endmills.
The newer models, hmc400, 500, 600 are completly different. dont base your ideas off a 300 series.
i hope this helps, let me know if I can offer anymore assistance.